A technology unit from the European Commission has funded several blockchain projects with millions of dollars to support the use of blockchain in a socially beneficial way.
As part of its “Blockchains for Social Good” program, the European Innovation Council (EIC) has awarded six blockchain initiatives 5 million (USD 5.6 million).
When announcing the news on Tuesday, the EIC noted that the award was intended Promote the development of blockchain in the areas of traceability, fair trade, financial inclusion and decentralized circular economy.
Award-winning startups include Dutch content authenticity company WordProof, UK startup PPP, Finnish GMeRitS, Oxfam’s OXBBU UnBlocked Cash Project, French e-commerce platform CKH2020 and Italy-based digital market project PROSUME.
All winners submitted their projects in open source. The EIC noted:
“It is worth noting that one of the requirements of the award was to present solutions developed in open source. In this way, more innovators can benefit from the advanced technology solutions developed by the award winners and other award winners. “
The application areas of the blockchain proved to be broader than expected by EIC
According to the announcement, a total of 176 participants have applied for the award program since it opened in May 2018. The applications came from 43 countries, 19 of which came from outside the European Union, the EIC said.
The program, which ended on September 3, 2019, originally aimed to fund five projects in five different areas of social innovation with one million euros, the organization said. However, the EIC ultimately decided to fund six projects, extend the scope of the award to six different areas, and split the fifth award equally, the organization said.
Winner specializes in using blockchain against counterfeit messages
WordProof, the first project on the EIC list of winners, tweeted that the project received a price of 1 million euros. “The European Commission has just awarded WordProof 1,000,000 euros for winning the” Blockchains for Social Good “competition,” wrote the Amsterdam-based startup.
WordProof is committed to fighting plagiarism and fake news using blockchain and recently received € 275,000 from the Noord-Holland Innovation Fund for developing technologies to better protect data on the Internet.
The EIC was launched by the European Commission to support “risky, effective ideas for transforming science into new businesses” and to accelerate innovation. The EIC launched in 2017 is currently in the pilot phase and is expected to be fully implemented in 2021. Recently, European Commission Head of Digital Innovation and Blockchain, Peteris Zilgalvis, highlighted the use of blockchain technology in communication between Member States and the promotion of innovation in cryptocurrency.